WHAT IT COSTS

Phase I—first read, commentary and discussion, paid at the outset:

US$750.00

Then if we decide to move ahead—

Phase II—editing, annotation, development, lots of back-and-forth:

US$75.00/hr

Before we start this phase, I estimate the time involved, and break up the editing and payments into installments (analogous to how a deal for screenwriting services pays out for delivered steps, or as a publishing contract parcels out an advance). Ordinarily, the editing-development phase runs 30-40 billed hours for a manuscript between 400 and 500 pages. Full prepayment of any installment gets discounted at 15%. Expenses are usually zero; any cost above that is incurred only with author’s approval. We confer via email, phone, instant message and voice-over-internet, this last being inexpensive and effective. I don't surpass the agreed estimate without getting the client's okay, and do everything I can to make the work fit the time allotted. My established clients prefer to work on the basis of a set fee per project, since it’s not in the work’s interest for us to end up nervously eyeing the meter, especially in the final stretch. A set fee also lets us turn Phase II into two passes, one devoted to story, argument, structure, and a second devoted to text edit and copy edit.

If I stay involved beyond Phase I, the billed hourly fees apply against a percentage of revenues earned by the work. The standard is 5% (so, equal to an attorney’s usual cut, or 1/3 of an agent’s). The figure is agreed at the top of Phase II. It reflects the level of input by me and the level of input the author wants.

It can be adjusted up or down. If we stop at Phase I, I get no percentage compensation.
My reasons for billing up-front fees as advance on a percentage are concise and clear, and apparently convincing. I am happy to lay them out for anyone who is interested.

At the start of Phase II, the author and I work out a short, straightforward deal memo, and I encourage clients to have that vetted by attorney or agent.